25 August

“VanEck and ProShares both pulled their applications just two days after filing them, suggesting the SEC reached out to the issuers and indicated an ether futures fund was not likely to be approved.

The fact that both companies’ bitcoin futures ETF filings, as well as those of several other firms, remain active is a positive for their prospects, according to Seyffart. He expects at least one bitcoin futures ETF to launch in the U.S. in the fourth quarter, perhaps as soon as October.

If eventual bitcoin futures ETFs are able to operate successfully, and open interest and volume in ether contracts continue to rise, Seyffart said he believes it won’t be long before ether futures ETFs are approved by the SEC.”

See Also: Citigroup Gearing Up to Trade CME Bitcoin Futures: Sources

The House voted 220-212 to bar amendments from consideration on the Biden administration’s $1 trillion infrastructure bill. The agreement brought together progressive and moderate Democrats who had foreseen different ways forward for the legislation.

While the Treasury Department under the Biden administration has reportedly suggested it won’t enforce the tax reporting requirements on miners and the like, crypto advocacy groups believe the House should have amended the bill that now sits before them.”

See Also: House Moves to Consider Unamended Infrastructure Bill

Six crypto entities including exchange Kraken and decentralized finance (DeFi) protocols Uniswap and The Graph have donated $250,000 each to efforts around upgrading the Ethereum blockchain.

The $1.5 million donation will support execution-layer teams working on technical upgrades to achieve “Ethereum 2.0.” The five Ethereum clients that will receive this funding are Besu, Ergon, Geth, Nethermind and Nimbus.

Ethereum’s goal is to lessen the risk associated with the network’s over-reliance on a single entity.”

See Also: Ethereum’s Most Popular Software Client Issues Hotfix to High Severity Bug

“The number of bitcoin held in exchange wallets is rising, departing from the recent trend of outflows. Data tracked by Glassnode show crypto exchanges received 16,606.80 BTC on Monday, the highest daily net inflow in over a month.

Whales, or large investors with an ability to make or break market trends, who accumulated coins after the mid-May price crash, have begun running down their inventory. These large investors began accumulating coins after bitcoin’s slide to $30,000 in mid-May, signaling a price bottom.

Technical studies indicate the cryptocurrency may consolidate before scaling the critical resistance level of $51,110, which is the 61.8% Fibonacci retracement of the mid-April to July sell-off. The DeMark indicators are signaling short-term upside exhaustion.

Bitcoin is coming into resistance at a 61.8% Fibonacci retracement level near $51,000, which would be a natural place for a short-term pause in the rally.

Stockton, however, added that the long-term momentum has strengthened, with the 200-day moving average (MA) rising again. As such, the cryptocurrency would eventually topple resistance at $51,110.

See Also: Bloomberg strategist explains why 30-year US bonds have ‘bullish implications’ for Bitcoin

“In its “Global DeFi Adoption Index,” the blockchain data firm found that while DeFi adoption has increased significantly over the past 18 months in both emerging and developed markets, most of that growth has occurred in countries and regions with higher incomes and more professional investors and traders.

DeFi adoption has primarily been powered by experienced cryptocurrency traders and investors looking for new sources of alpha in innovative new platforms.

The majority of DeFi use cases are “more sophisticated” applications that have posed challenges for retail investors to embrace. Although DeFi has attracted larger investors, the sector will need to do better in engaging smaller retail investors, the report said.”

China’s digital yuan has been used to pay storage fees to a delivery warehouse in the Chinese city of Dalian, marking the first use of its kind within the domestic futures market. The interbank payment using the e-CNY afforded a zero-cost, efficient, and convenient payment option in real time, according to the report.

During the Winter Olympics in Beijing next year, foreign visitors will be able to access and trial China’s digital currency without needing to open a local bank account.”